Artemis, the Pinault family's holding company that controls Kering, launched a convertible bond offer for €375 million on Sept. 22. Priced at a 35 percent premium over Kering's reference share price, the bonds will bear no interest. They will be redeemed for cash on March 31, 2023, giving the bondholders the right to exchange them into cash at a value based on the performance of Kering's shares. Kering is the controlling shareholder of Puma and a number of luxury brands led by Gucci. It performed very well in the first half of this year, as we have already reported

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